Tax roundup: IRS, ODT issue notices on income tax and more

Written on Apr 05, 2018

It’s been a busy week at the both the Ohio Department of Taxation and the IRS, as they issued a total of six notices you should be aware of:

Ohio Department of Taxation

IRS

  • Notice 2018-26, IRC 965# (PDF) provides additional guidance regarding the implementation of section 965 of the Internal Revenue Code as amended by “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018”, P.L. 115-97, enacted Dec. 22.
  • Notice 2018-28, IRC 163(j) (PDF) provides guidance for computing the business interest expense limitation under recent tax legislation enacted Dec. 22. In general, newly amended section 163(j) of the Internal Revenue Code imposes a limitation on deductions for business interest incurred by certain large businesses. For most large businesses, business interest expense is limited to any business interest income plus 30 percent of the business’ adjusted taxable income.
  • Notice 2018-29, IRC 1446 (PDF) announces that the Treasury Department and the IRS intend to issue regulations under new section 1446(f) of the Internal Revenue Code regarding withholding on a disposition by a foreign person of a partnership interest that is not publicly traded. This notice also provides interim guidance that taxpayers may rely on pending the issuance of regulations.

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  1. Jimmie | Apr 05, 2018

    Helpful

     

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